Moreover, it said that since the end of the year it has extended its banking facilities to 70 million to support its acquisition strategy.

But strong cashflow, a coherent acquisition strategy and a consultancy role which should insulate it from any downturn in business travel are being ignored.

A pause in its site acquisition strategy enabled it to reduce debt by 20 million to 80 million over the past 18 months.

It has also raised 30 million via a placing, which means it has plenty to pursue an acquisition strategy.

It, and its investors, have endured a torrid couple of years as the momentum previously provided by a hyperactive acquisition strategy ran out of steam.